The Bitcoin price (BTC) triggered $24 million in settlements on BitMEX alone on August 17 when a new move saw the markets recover to $12,000.

BTC’s „clear false move“ of prices costs the shorters a lot

Data from Cointelegraph Markets and Coin360 showed that the BTC/USD was trading at 12,200 briefly on Monday.

Bitcoin hash rate reaches a new record and USD 12,000 is in sight
A subsequent correction managed to erase the gains and more, bouncing off USD 11,785 to cross the USD 12,000 mark again, all in a matter of minutes.

At the time of publication, Bitcoin Billionaire was circulating around USD 12,080, which is equivalent to 24-hour earnings of 2.5% and the highest price for over a year.

Despite the psychological importance of USD 12,000, few seemed convinced that Monday’s rise was a legitimate turning point.

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„Clearly a false move to take liquidity,“ summed up Cointelegraph Markets analyst Michaël van de Poppe.

At BitMEX, the results of the volatility of the few minutes were evident: USD 22.1 million in short contracts settled on Monday, compared to only 1.7 million the day before.